Following the recent meeting of the Law Society’s Regulatory and Economic Crime Team at the Local Law Society Forum please read the latest updates here.
Topics covered include:
SIF
PII
Financial Penalties
Rule changes to health and wellbeing at work
For more information about any of the above matters or on any other regulatory matter please do not hesitate to contact Michelle Garlick, the Chair of our Regulatory Committee and our COLP/COFA/MLRO Forum at Michelle.Garlick@Weightmans.com
HMCTS are inviting defence solicitors and barristers who use Common Platform to join, online, one of their live, drop-in support sessions. Each online session gives attendees an opportunity to ask questions and receive personal support on using the system effectively.
Members of HMCTS staff will be available to answer your questions, assist with troubleshooting or help you work through specific scenarios.
Please note that numbers are strictly limited for each session to make sure attendees are able to receive tailored support and advice.
If you miss out on securing a place at one of the drop-ins, please email HMCTS.Communications@justice.gov.uk to let us know you're interested in attending future sessions.
Date: Monday 19 September 2022 Time: 6.00.pm for 6.30pm Location: Fountain House, The Memorial Hall Albert Square Manchester M3 5PF Cost to attend: £45.00+VAT (£54 in total) (Includes a welcome drink, three course meal and half a bottle of wine or soft drink)
Manchester Professionals Dinner Club is back!
Join us for our next event at the Fountain House on 19 September to enjoy some fabulous food (full menu here) and informal networking.
For more information or to book your place click here.
Looking for something to get up to on your summer evenings?
Our friends at Masons Restaurant Barwould like to offer our members 50% off their food bill from 3rd to 31st August.
A great excuse to sample their delicious food, which is locally sourced and creatively prepared. Perhaps you can even sample their gin trolley or a check out their fabulous cocktails?
The offer is valid Wednesday to Friday on the à la carte menu and you need to state ‘FriendsOfMasons’ when booking, to be able to receive the offer. It is not valid in conjunction with any other offer.
We have some legal education events in the pipeline so please save the date for:
Private Client Month – every Wednesday in October we will be holding a webinar on hot topics for the Private Client and related sectors. These events are sponsored by our friends at Shard Capital. For more information and to register your interest please email CarlaJones@manchesterlawsociety.org.uk
Regulatory Conference – we are delighted to announce the return of this popular conference in November. More details will follow soon but to register your interest please email CarlaJones@manchesterlawsociety.org.uk
Efficiency is always a high priority for law firms. However, the motives for reducing overheads and streamlining workflows have shifted over the past few years.
Increasing costs of running a business
While firms have had some financial relief post-pandemic, from reduced activity such as travel, overall business costs are rising. Energy bills are soaring, and office rentals are skyrocketing. Adding to this, firms are having to invest more in recruitment and training to counteract high turnover rates.
A blended workforce
Hybrid working is here to stay. With new technical infrastructure and working practices established during the pandemic, law firms are now offering long-term flexible and remote working opportunities. But, for this to be effective, law firms need to invest in greater automation, digitalisation and efficiency.
One solution to help combat rising costs, streamline processes and reduce administrative tasks is using a Third-Party Managed Account (TPMA). Here’s a few ways switching your client accounts to managing funds with a TPMA will drive efficiencies in your law firm:
Reduced regulatory reporting requirements
TPMAs are not subject to the full set of regulatory rules because money held in the TPMA is not regarded as client money, according to the SRA. This substantially reduces regulatory pressures. Law firms using a TPMA are also not required to contribute to the compensation fund nor prepare yearly audited accountants reports.
Fewer administrative tasks
On average, lawyers are only billing 2.5 hours of their day because they are drowning in administrative tasks. With a TPMA, lawyers don’t have to spend hours of their time manually managing payments and financial reports.
Less back and forth with clients
Shieldpay’s digital platform gives all parties full visibility of the scheduled payments. This reduces the time spent communicating with clients about their account, while also defusing any tensions and building greater trust.
If you want to learn more about using a TPMA and the benefits to your law firm, speak to the Shieldpay team today and book a demo of our digital payments platform: sales@shieldpay.com
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